Developer results
Sobha reports record H1 FY27 pre-sales of ₹5,862 crore
Bengaluru-based developer Sobha Limited reported H1 FY27 (April to September 2026) pre-sales of ₹5,862 crore, its highest half-year sales value to date, up 47.2% year on year. The figures come from its operational update for the quarter ended 30 September 2026, and they show higher value on a smaller rise in area.
| H1 FY27 sales value (pre-sales) | ₹5,862 crore (₹58.62 billion), up 47.2% year on year; company's highest half-year figure |
|---|---|
| Q2 FY27 sales value | ₹2,206 crore (₹22.06 billion), up 16% year on year; second-highest quarter in company history |
| Area sold, H1 FY27 | 3.76 million sq ft across 2,260 units, up 32.4% in area |
| Area sold, Q2 FY27 | 1.42 million sq ft across 828 units |
| Average realisation, H1 FY27 | ₹15,604 per sq ft, against ₹14,028 per sq ft in H1 FY26 |
| Sobha's share of H1 sales value | ₹4,874 crore (₹48.74 billion), or 83.1% of the total |
| Bangalore share of H1 sales value | ₹3,385 crore (₹33.85 billion), or 57.7%; NCR ₹1,974 crore (₹19.74 billion), or 33.7% |
| Q2 FY27 launches | 1.03 million sq ft across two projects, in Mysore and Calicut |
| Q2 FY27 completions | 720 homes, 1.49 million sq ft across nine wings or blocks |
What was reported
Sobha Limited put out its operational update for the quarter ended 30 September 2026, with the company's half-year figures. Reports on the update, which was released in early October 2026, describe H1 FY27 as the highest half-year sales value in the company's history, at ₹5,862 crore. Pre-sales are the value of units booked by buyers. They are not the same as recognised revenue, which is reported separately in the company's financial results.
Q2 FY27 alone brought in ₹2,206 crore, a 16% rise on the same quarter a year earlier. That is the company's second-highest quarterly figure, behind the first quarter of FY27.
Where the sales came from
Bangalore was the largest contributor, at ₹3,385 crore, or 57.7% of H1 sales value. The NCR region, which includes Gurugram, accounted for ₹1,974 crore, or 33.7%. Together these two markets made up more than 90% of total value. Smaller markets contributed the rest.
Sobha's own share of sales value in H1 was ₹4,874 crore, or 83.1% of the total, up from 81.7% a year earlier. Reports describe this as a larger share of projects where the company holds a bigger equity stake or direct ownership.
Pricing and product mix
The average price realised across H1 FY27 was ₹15,604 per sq ft, compared with ₹14,028 per sq ft in H1 FY26. Q2 FY27 averaged ₹15,522 per sq ft, against ₹13,648 a year earlier. Reporters attribute the higher average to a higher-priced project mix, not to a single price increase.
Area sold grew more slowly than value. H1 area rose 32.4%, while value rose 47.2%. This gap is the main reason the average price per sq ft moved up.
Launches and completions
In H1 FY27 the company launched 7.91 million sq ft of saleable area across five projects in Bangalore, Gurgaon and Calicut, with a combined sale potential of ₹11,200 crore, according to the filing as reported by financial press. In Q2 alone, the launches were 1.03 million sq ft across two projects, one in Mysore and one in Calicut. The Calicut project is a super-luxury residential development with 298 homes. The Mysore project is a plotted development with 126 plots.
In Q2 the company completed 720 homes, totalling 1.49 million sq ft across nine wings or blocks.
Market and stock reaction
The record numbers have not lifted the share price in a straight line. One financial news report noted that the stock had fallen about 20% during 2026 as investors focused on thin operating margins. Another reported a 17% decline for the year. Both reports point to the same concern: booking growth is strong, but profit margins have been under pressure.
Q2 sales were also lower than Q1, which the company reported at about ₹3,660 crore. Financial press described Q2 as roughly 40% below the previous quarter. Quarter-on-quarter moves in pre-sales are common in the sector, and the half-year total is the more useful comparison.
What it means for buyers and investors
For buyers, the numbers show steady demand for Sobha's projects in Bangalore and NCR, and a larger mix of higher-priced units. They do not give project-level prices, RERA details or possession dates, and those should be checked project by project.
For investors, the key questions are margins and execution. Pre-sales show bookings, but the company's earnings depend on how efficiently it builds and delivers those homes. Analysts quoted in financial press expect margins to improve from the third quarter of FY27, but this is a forecast, not a company commitment.
What comes next
The company has said it aims to cross ₹10,000 crore in pre-sales for the full FY27 year. Reports on the Q1 results describe this target and the expected margin recovery in the second half of the year. The next scheduled operational update, for the quarter ending 31 December 2026, will show whether momentum held in the second half.
As of October 2026, these are targets and expectations reported in the press. Results for the year are not yet available.
Frequently asked questions
How much did Sobha sell in the first half of FY27?
Sobha reported H1 FY27 pre-sales of ₹5,862 crore (₹58.62 billion), up 47.2% year on year. This is the company's highest half-year sales value on record, as of its October 2026 operational update.
Where are Sobha's sales coming from?
Bangalore accounted for ₹3,385 crore, or 57.7% of H1 sales value. The NCR region, which includes Gurugram, accounted for ₹1,974 crore, or 33.7%.
Are pre-sales the same as revenue?
No. Pre-sales measure the value of units booked by buyers in the period. Revenue is recognised separately in the company's financial results, and it may be recognised over a later period.
What did Sobha launch in the second quarter?
In Q2 FY27 Sobha launched 1.03 million sq ft across two projects, one in Mysore and one in Calicut. The Calicut project is a super-luxury residential development with 298 homes, and the Mysore project is a plotted development with 126 plots.
Why did the share price not rise with the record sales?
Financial press reports attribute the share price weakness to concern over thin operating margins, along with sector competition and regulatory headwinds. These reports describe investor concern, and they do not give a single cause.